Korea will establish a long-term plan to attain the world's highest credit ratings levels based on the momentum it received from the recent rating upgrades by major appraisers, the finance ministry said Friday.

Moody's, Fitch Ratings and Standard & Poor's, the world's three major appraisers, recently hiked their ratings on South Korea by a notch, citing the country's improved fiscal soundness.

The rating on Korea, Asia's fourth-largest economy, however, still remains three or four steps below the top-notch AAA, which is held by just a few advanced countries.

"By turning the recent rating upgrades into the momentum to improve our national competitiveness, we will draw up and push for a mid and long-term plan to make the leap forward to AAA," the ministry said in a report detailing its future policy measures to lawmakers.

The ministry explained that the sovereign rating upgrades were mostly thanks to the country's improved economic fundamentals, the government's better economic management capacity and enhanced financial health against external shocks.

The ministry added the government will keep tabs on economic and financial situations at home and abroad, while at the same time closely monitoring capital flows in and out of the market here. (Yonhap)